Compensation Dentistry – The Orthodontist (part 3)
Even the best efforts to protect your primary teeth may not guarantee the teeth you want or need as you get older. When your secondary teeth have made their total debut it may become clear that your teeth need a little help. Sadly, this usually occurs at the same time you are facing the challenges of adolescence. There is nothing better than going to a new middle school, trying to figure out how to coordinate your newly longer limbs, while learning new skincare routines. Nothing better except adding braces to the mix.
This is where many mid-stage high-growth companies find themselves on a regular basis. They have an innovative product and the core team for future success. The future is just beyond the horizon and the sunrise is just beginning to show. They have a business plan that requires a ton of new hires and a compensation philosophy or structure designed for the company they were a year ago.
Whether they are hiring their first dedicated compensation professional or bringing in their first external compensation consultant, the correction can often feel like painful metal tracks that force your pay programs to behave, while interfering with some favorite treats. Even worse, the process takes far longer and costs much more than hoped. Perhaps the most frustrating aspect of this is when you come to the end of the process and learn it will require a lifetime of vigilance to ensure you don’t need to go through it again as an adult!
Many parents and adolescents choose not to, or cannot afford to, have the braces put in place at the optimal time. While many people do just fine with a crooked smile, it may not be best to as glib about other potential repercussions. A poor bite may lead to poor nutrition and the stress on your jaw can lead to TMJ or headaches.
Companies may also struggle with the choice to “fix” their issues or simply polish them up a bit and hope for the best. The impact of poorly managed and planned compensation can include slow or difficult hiring processes and nonoptimal retention or motivation. Additionally, these issues can compound gender and other pay equity concerns that can lead to expensive lawsuits and negative media coverage. Some companies take the gamble and escape unscathed, many wish they had done the hard work earlier.
No one loves the idea of going to the Orthodontist. In the same way, most companies would rather not go through a pay reinvention process. In the end, most find that getting ahead of the problem early shortens the time of correction and lays the path for a far better adulthood. If your company needs compensation braces I will simply recommend that procrastination is seldom the best course for future success.
Dan Walter is a CECP, CEP, and Fellow of Global Equity (FGE). He works as Managing Consultant for FutureSense. He has three metaphors for every occasion and is a leading expert on incentive plan and equity compensation issues. He has written several industry resources including the only resource dedicated to Performance-Based Equity Compensation. He has co-authored ”Everything You Do In Compensation is Communication”, , “Equity Alternatives” and other books. Connect with Dan on LinkedIn. Or, follow him on Twitter at @DanFutureSense.